06/05/2026
🧱 A revocable living trust can cost $1,500 to $3,000 or more, but five tools let many families skip probate for $0 to $100.
Beneficiary designations on IRAs, 401(k)s, life insurance, and annuities pass directly to the people you name and override whatever your will says.
A transfer on death or payable on death form does the same for bank and brokerage accounts in minutes.
For real estate, a TOD deed names who inherits your home while you keep full control, and it is now available in more than 30 states, including New York as of July 2024, though not Pennsylvania, New Jersey, or Connecticut.
A Lady Bird deed does the same in a handful of states, FL, TX, MI, VT, and WV, and can also help preserve Medicaid eligibility.
Joint ownership works only if the title actually reads "joint tenants with right of survivorship" or "tenants by the entirety," since two names alone can still land in probate.
The catch is that skipping probate is not the same as skipping taxes.
Real estate and brokerage accounts pass with a step-up in basis, but an inherited IRA or annuity still owes income tax, and some states add their own inheritance tax on assets that never touched probate.
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*The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.*
